It means many things – such as giving your employees the ability to work flexibly at home and in the office or sharing information to create closer ties with suppliers and customers. It’s even about rethinking the way your business operates so it can become more efficient and you can create top-quality products and services.
Becoming a more “mature” business
In its purest sense, true digital transformation can turn a business completely on its head. For example, a component manufacturer following products through multiple stages of manufacturing right to the customer can understand how its products perform in real life for the first time. From the causes of breakage to the impact of different maintenance regimes, feeding this information back into the design cycle can fine-tune priorities and accelerate innovation. Also, this information provides a chance to work with the end-user directly, for the very first time, introducing new relationships that can inspire new business products and services.
But every business is unique – which means different priorities and different levels of digital maturity. Some companies set out on the digital journey a while ago; they have created new digital products and services, found new sources of income and built new relationships. These companies are more resilient to challenges and ready to embrace new opportunities. Others are just starting and exploring where technologies such as IoT and the cloud can make a difference.
The company’s connected boiler solution uses real-time monitoring to deliver a better end to end product and service. Using Vodafone Business’ Global Connectivity Services and IoT expertise, Ferroli’s smart boiler is connected to the cloud and their service centres. This solution changes the day-to-day experience for three groups: managers can set metrics and Key Performance Indicators for each product; customers can use a mobile app to configure and control the boiler, and the support network can monitor and offer added services.
Building on proven success
Digital innovators have paved the way for everyone else – and in the process, discovered the best way forward. These companies have several qualities that define what we term a future-ready business.
They’ve a positive attitude to change, embrace opportunity and are excited by the future. They’re open to new technology and understand its power to solve business challenges. These businesses also have a clear plan for technology adoption – they have roadmaps that show how technology will transform the way they work.
Developing a clear roadmap
Successful digital transformation is not just about creating a top-level vision: it’s about taking the time to work out the details. Future-ready businesses have set budgets, targets and documented plans. They’re up to date with emerging trends – working hard to understand the changes that are affecting their business and market. And they’re adaptable – they react quickly to new trends or challenges and are quicker to market than their competitors.
The speed with which companies are now accelerating their digital transformation is defining which businesses will thrive, rather than simply survive, in a post-COVID-19 economy.